Page 58 - RusRPTOct22

4.5.3 Retail sector dynamics
The contraction in retail sales deepened marginally from -8.7% y/y in July to -8.8% y/y in August.
In seasonally-adjusted terms, sales did not rise at all m/m as a fall in food sales was offset by a pick-up in non-food sales, according to Capital Economics.
The big picture is that retail sales have stagnated since the initial 11% m/m slump in April, despite the sharp decline in inflation and the mild recovery in bank lending.
Long term retail sales have not grown since the 2008 crisis on a seasonally adjusted basis and indexed to the January 1999 level.
58 RUSSIA Country Report October 2022 www.intellinews.com